Allowable Investment Schedule

Transcription

1 a true partnership approach > > > BARNETT WADDINGHAM SELF INVESTED PERSONAL PENSION Words or phrases which are shown in bold italics are explained in the Glossary, which you should refer to when reading this.

2 Stocks and Shares Securities (other than derivatives) listed on the London Stock Exchange, the Alternative Investment Market (AIM) or any overseas HM Revenue & Customs (HMRC) recognised stock exchange UK Government treasury bills Unlisted securities - unconnected parties Unlisted securities - connected parties Listed depositary interests listed on the London Stock Exchange, the Alternative Investment Market (AIM) or any overseas HM Revenue & Customs (HMRC) recognised stock exchange Unlisted depositary interests Derivative Contracts Warrants, covered warrants, futures, options and other derivatives where the liability under the contract cannot exceed the amount invested in that contract Warrants, covered warrants, futures, options and other derivatives where the liability under the contract could exceed the amount invested in that contract Collective Investment Schemes Exchange traded funds Exchange traded commodities Tax exempt unauthorised unit trusts Open ended collectives including unit trusts, OEICS and protected cell companies Closed ended collectives listed on the London Stock Exchange, the Alternative Investment Market (AIM) or any overseas HM Revenue & Customs (HMRC) recognised stock exchange including closed ended investment companies, investment trusts and real estate investment trusts Partnerships Limited liability partnerships Limited partnerships Physical Commodities Investment grade gold Physical commodities other than investment grade gold Insurance Company Funds and Policies Insurance company funds and policies, including traded endowment policies and with profit contracts with an EEA regulated insurance company All insurance company funds and policies with a non-eea regulated insurance company Structured Products Where the underlying investment is an EEA deposit account Where the underlying investment is an asset allowable under this schedule Any other structured product National Savings and Investments Products allowable by NS&I to be held by a corporate trustee All other products Page 2 of 5

3 Bank Accounts BW SIPP LLP client money account, current accounts and deposit accounts with our chosen bank Current and deposit accounts with other EEA authorised deposit takers All other accounts Direct Property Holdings UK direct commercial property Overseas direct commercial property Third Party Loans Loans to limited companies and limited liability partnerships (see note 13) Loans to individuals, sole traders or partnerships (see note 13) Loans to connected parties Other non-standard investments Carbon credits or similar Rooms in non-uk hotel developments n-uk direct forestry, biofuel or similar investments Any land which appears to be marketed and sold as part of a land banking arrangement Residential property (see notes 8 and 14) Wasting assets (see note 15) tes and general conditions: 1. investment may be acquired that has the potential to create a liability beyond the fully paid up acquisition price of that investment. 2. investment may be acquired which cannot be realised for cash within a two year period or be freely transferred to another eligible investor for that investment. 3. BW SIPP LLP will carry out limited due diligence on a number of different types of investment and will engage the services of, where appropriate, a number of third parties to assist with that process. This will require in some cases the co-operation of the investment provider in supplying to BW SIPP LLP and/or third party service providers information to allow the due diligence process to be undertaken. BW SIPP LLP will not assess the suitability of the investment for a member nor the likelihood of it meeting the projected returns. 4. The definition of investment grade gold is gold of a purity not less than 995 thousandths that is in a form of a bar or a wafer, of a weight accepted by the bullion markets. Gold bullion may only be acquired when it is to be stored in vaults by an independent third party acceptable to BW SIPP LLP. 5. Where an adviser is acting in the recommendation of an investment, BW SIPP LLP reserves the right to request a copy of the recommendation letter before allowing the investment to proceed. 6. All assets must be capable of being registered in the name of BWSIPP Trustees Limited (the asset trustee) and designated with either the member name or Barnett Waddingham SIPP number. Page 3 of 5

4 7. investment or series of investments may be made where HM Revenue & Customs (HMRC) would be likely to deem this to be a trading activity by the Barnett Waddingham SIPP. 8. investment may be acquired which would result in the holding of taxable property as defined in Schedule 29A of The Finance Act All securities, collective investment schemes, derivatives and structured products that are listed on a recognised stock exchange must be acquired via an investment manager, stockbroker or platform acceptable to BW SIPP LLP and held by that investment manager using their nominee or other custodian arrangements. 10. If any transaction is to be carried out between the Barnett Waddingham SIPP and a connected party, the transaction must take place on an arm s length basis at market value. Market value is the price an investment may reasonably be expected to fetch on the open market calculated in accordance with section 272 of the Taxation of Chargeable Gains Act A connected party is as defined in Section 993 of the Income Tax Act BW SIPP LLP may require a minimum cash balance to be held in the pooled cash account or current account dependent on the liquidity or otherwise of the assets held within the Barnett Waddingham SIPP. 12. Enterprise Investment Schemes, Seed Enterprise Investment Schemes, Venture Capital Trusts and Hedge Funds are not listed within this schedule as they represent investments attracting certain tax reliefs or with a particular investment strategy but are not a type of investment vehicle in their own right. These investments may be structured via a number of different investment vehicle types and these are included within the schedule. 13. Third party loans will require prior approval by BW SIPP LLP. Loans that would constitute a regulated agreement under the Consumer Credit Act 1974 will not be allowed. BW SIPP LLP will not charge for an initial check to see if the loan complies with the Consumer Credit Act Residential property is not a permitted investment in a SIPP, except in very limited circumstances. Details of these exceptions are available in HMRC s Pension Tax Manual, section PTM A wasting asset is as defined in S.44 of the Taxation of Chargeable Gains Act You take full responsibility for the suitability and appropriateness of the investment that you make and if applicable the management of the investments. 17. BWSIPP LLP reserves the right to change the types of investments allowable at any time. Please refer to our website at www. barnett-waddingham.co.uk/services/self-invested-personal-pensions-sipp to ensure that you have the current version of this allowable investment schedule. Page 4 of 5

5 If you would like to discuss anything relating to the Barnett Waddingham Self Invested Personal Pension please contact us as follows: Glasgow August Barnett Waddingham 2016 Barnett Waddingham LLP is a body corporate with members to whom we refer as partners. A list of members can be inspected at the registered office. Barnett Waddingham LLP (OC307678), BW SIPP LLP (OC322417), Barnett Waddingham Investments LLP (OC323081), and Barnett Waddingham Actuaries and Consultants Limited ( ) are registered in England and Wales with their registered office at Cheapside House, 138 Cheapside, London EC2V 6BW. Barnett Waddingham LLP is authorised and regulated by the Financial Conduct Authority and is licensed by the Institute and Faculty of Actuaries for a range of investment business activities. Barnett Waddingham Investments LLP and BW SIPP LLP are authorised and regulated by the Financial Conduct Authority. Barnett Waddingham Actuaries and Consultants Limited is licensed by the Institute and Faculty of Actuaries in respect of a range of investment business activities. Leeds Liverpool Bromsgrove Cheltenham Amersham London Page 5 of 5